Several executives of Hargreaves Lansdown PLC will give up their bonuses for 2019 after clients of the U.K.-based investment platform were hit by the suspension of high-profile fund manager Neil Woodford's LF Woodford Equity Income Fund, Reuters reported, citing a source with direct knowledge of the matter.
CEO Chris Hill, CFO Philip Johnson, Chief Investment Officer Lee Gardhouse and Research Director Mark Dampier will surrender their bonuses for the year, the source said. Hill is said to be waiving as much as £2.1 million in bonuses until the troubles with the suspended fund are resolved.
Woodford's suspension of the fund in early June left nearly 300,000 Hargreaves Lansdown clients unable to withdraw money from the fund, Reuters noted. In July, the customers were allowed to move their money to a different investment platform.
Woodford blocked redemptions from the fund in early June amid growing client withdrawals.